WORK - Why Slack Shares Jumped and Salesforce Stock Fell Today
Business software giant salesforce.com (NYSE: CRM) is reportedly considering a buyout of business collaboration tools specialist Slack Technologies (NYSE: WORK) . The report triggered dramatic market reactions to both of these stocks, driving Slack shares as much as 32.5% higher while Salesforce shares fell as much as 5.2%.
According to a widely cited brief from The Wall Street Journal , Salesforce has been talking to Slack about a business combination in recent weeks. There is no firm proposal on the table yet, but the WSJ 's anonymous insider sources say that the final price tag would exceed Slack's $17 billion market capitalization as of Wednesday morning. The talks may not result in a deal, and Salesforce could move its attention to other buyout targets, some of the sources said.
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Why Slack Shares Jumped and Salesforce Stock Fell Today